A government official announced on Tuesday that Saudi Arabia is interested in acquiring government stakes in the Reko Diq gold and copper mine, positioning it as a potentially major deal for Pakistan’s economy. Barrick Gold Corp, which owns half of the mine, views it as one of the largest underdeveloped copper-gold areas in the world. Pakistan recently avoided sovereign default with a $3bn bailout from the IMF, and now aims to bring in foreign direct investment to bolster its foreign exchange reserves. An international adviser will determine the value of Pakistan’s stake in the mine before December 25, after which talks with Riyadh will commence. The remaining 50% of the mine is owned by the Centre and the Balochistan government. Barrick has indicated it would invest $10bn in the project and is open to Saudi Arabia as a partner. Saudi Arabia and other Middle Eastern allies could potentially invest about $70bn in various sectors in Pakistan. The government is interested in having Saudi Arabia on board but will prioritize protecting national interests and ensuring transparency in all transactions. The military’s involvement in ensuring physical security for investors is also emphasized. Caretaker Prime Minister Anwaarul Haq Kakar expressed optimism in concluding a deal with Saudi Arabia by December.